The Tata group has exited pharmaceutical contract research business by selling Advinus Therapeutics to Eurofins Scientific for an undisclosed amount.
Advinus Therapeutics was established by the Tata group in 2005, with a focus on new drug discovery and the development of pharmaceutical and agrochemical products.
Tata Sons said the transaction was expected to be closed in the next several weeks and was subject to fulfilment of customary closing conditions.
Avindus’ expertise complements Eurofins contract research and manufacturing capabilities, the group said in a statement.
K R S Jamwal, chairman of Advinus and executive director of Tata Industries, said, “Advinus has developed significant promise under Tata parenting, and will now realise its full potential by joining the Eurofins family of laboratories. We are confident that with access to Eurofins’ global network and technical competencies, Advinus will be able to rapidly expand its analytical portfolio and services to benefit all its existing and future clients.”
Advinus Therapeutics’s founder-CEO Rashmi Barbhaiya quit the organisation last year. According to a few reports, the company laid off around 50 employees from its drug discovery unit last year and moved a few others to its Bengaluru centre that focuses on preclinical drug research as a part of restructuring exercise to improve operational efficiency.
Advinus has submitted over 50 end-to-end investigational new drug applications to global regulators such as the US Food and Drug Administration, the European Medicines Agency, the Medicines and Healthcare Products Regulatory Agency in the UK and Health Canada, among others.
Source: Business-Standard 